Following HSBC’s controversial decision to unilaterally close bank accounts belonging to a number Muslim organizations based in the UK, the Muslim organizations have hit back, branding the move “shocking” and “Islamaphobic.”

Sharia-consistent financing is quickly developing in the UK and has turned into a “budgetary powerhouse”, as stated by master possession director London Central Portfolio. Nonetheless, the firm included that there are still constrained financing alternatives in the area.

Turkey has significant potential in the sector of Islamic insurance, as participation banks in Turkey held $39 billion in Islamic assets in 2012 and these are expected to grow to $121 billion by 2018, according to Ernst & Young (EY)…

Non-Muslims are equally as loyal to the Islamic Bank of Britain and Sharia finance once they have become customers and this suggests even broader growth potential for the bank across the general UK banking market…

Islamic Shariah-compliant banks should be named ethical banks because their present name has monopolizing implications and banks are just a small part of the overall Islamic economy, a prominent Saudi Islamic banker has said…